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preliminary all-cash settlement was filed on Tuesday with the
federal court in San Diego.
It requires approval by U.S. District Judge Jinsook Ohta, who
certified the lawsuit as a class action in March 2023.
Qualcomm and six individual defendants, including former chief
executives Paul Jacobs and Steven Mollenkopf, denied wrongdoing
in agreeing to settle.
The San Diego-based company did not immediately respond to a
request for comment.
Shareholders accused Qualcomm of artificially inflating its
share price between February 2012 and January 2017 by repeatedly
describing its chip sales and technology licensing as separate
businesses, when in fact Qualcomm bundled them to stifle
competition.
In January 2017, the Federal Trade Commission and Apple sued
Qualcomm separately in connection with its alleged efforts to
monopolize the market for baseband processors, a type of chip
used in cellphones.
Apple said Qualcomm used its monopoly position to overcharge for
chips, and seek onerous and costly terms for technology
licenses.
Qualcomm called the claims baseless, but its share price fell
13% on the first full trading day after Apple sued.
The case is In re Qualcomm Inc Securities Litigation, U.S.
District Court, Southern District of California, No. 17-00121.
(Reporting by Jonathan Stempel in New York; Editing by David
Gregorio)
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